Tru Grit Fitness lender won’t consent to cash collateral use

By Sarah Lizee

Olympia, Wash., Dec. 9 – Tru Grit Fitness LLC lender EFP Funding Solutions, LLC gave notice that it does not consent to the debtor’s use of cash collateral, according to documents filed with the U.S. Bankruptcy Court for the District of Nevada.

Around March 10, 2021, EFP and other lenders to Tru Grit entered into a termination and sale agreement. Later the other lenders transferred the debt of Tru Grit and their rights to and security interest in the collateral to EFP.

At the same time, EFP and Tru Grit entered into a master purchase order and receivables purchase agreement, under which the debtor granted security interest in the collateral to EFP.

The lender said it has a properly perfected security interest in the collateral, and no other entity has a debt secured by the collateral at this time.

Tru Grit is a Las Vegas-based professional fitness equipment company. The company filed bankruptcy on Dec. 7 under Chapter 11 case number 22-14320.

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